Energy commodities fell after EIA report

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Source: Dukascopy Bank
Energy commodities fell on Wednesday amid firmer US Dollar and EIA report on the US crude oil inventories. The EIA announced a 9 billion barrel increase in the US inventories. Spain and Italy's bond auctions that faced weak demand and rising yields also added to the negative mood of the commodity pack as the Euro Zone's economic activity may slump further. However, Brent and crude oil futures may draw some strength as low prices are likely to stimulate bargain buying. At the same time, natural gas lost 2.1% as traders are cautious ahead of the EIA report on natural gas storage. However, slightly cooler weather in the US limited the downside of the commodity.


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